Auction activity in Australian capital cities remained relatively steady last week, with just under 2,000 homes taken to auction.
According to data from CoreLogic, 1,949 capital city home auctions took place in the week ending 20 October – a small drop from the 2,022 capital city homes auctioned the week preceding.
Of that figure, 75.6% returned a successful result, coming in a bit lower than the preceding week’s preliminary figure of 77.3%.
Comparatively, 2,139 homes were taken to auction during the same period in 2018. However, only 46% of these homes were sold.
Among Australia’s two largest capital cities, Melbourne saw 913 homes taken to auction last week, 75.1% of which returned a successful result – down on the 75.2% final auction clearance in the week preceding.
Meanwhile, Sydney saw 724 homes taken to auction last week, with a preliminary auction clearance rate return of 84.3% across a similar volume of auctions week-on-week.
Canberra was the best performing of the smaller auction markets, with a preliminary auction clearance rate last week of 64.2%. Adelaide followed closely with 63.3% of homes selling at auction.